Wednesday, March 8, 2023
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
First lady Kim Keon-hee visits school for visually impaired to encourage students
First lady Kim Keon-hee visited Seoul National School for the blind in the capital's Jongno-gu District on March 2 to congratulate around 40 new students at the school's entrance ceremony. Mentioning that she and President Yoon Suk-yeol in December last year adopted Saeromi, a retired guide dog, the first lady said, "Thinking a lot about the daily life of the visually impaired while living with Saeromi has made today's meeting more welcoming and friendly."
Application scenarios of new energy keep expanding in China
Tian Kun Hao, the largest cutter-suction dredger in Asia, is now working in a port in Abu Dhabi, the United Arab Emirates (UAE), for a dredging and reclamation project of the Hudayriyat Island, which is joined by China Harbour Engineering Company (CHEC). The project, expected to be completed in the first half of 2023, includes building an artificial mountain on the island, which, upon completion, will contribute to the local real estate and tourism sectors.
"We will create greater and stronger synergy through 4+1 administration"
"In order to be converted into a ‘city of revival,’ Nonsan City should be established as a mecca for the military industry," Nonsan City Mayor Baek Seong-hyun said. In an interview with the Korea Post media, which has published three English and two Korean-language news publications since 1985, he said, "We will make Nonsan a creative city suitable for the convergence era with bolder and more challenging aspirations in 2023." The followings are excerpts from an interview with Nonsan City Mayor Baek Seong-hyun.
Chosun Ilbo (http://english.chosun.com)
Japan Hails Korean Plan to Compensate Forced Labor Victims
Japanese Prime Minister Fumio Kishida on Monday welcomed the Korean government's proposal to compensate victims of wartime forced labor. The government here on the same day announced that it will compensate the victims through a government foundation by gathering donations from private companies like POSCO and other conglomerates that benefited from lump sum reparations Japan paid under a 1965 treaty, rather than making responsible Japanese businesses pay.
U.S. Military Chief to Visit S.Korea This Month
Chairman of the U.S. Joint Chiefs of Staff Gen. Mark Milley will visit South Korea and Japan late this month before he retires this year, a military source said on Monday. He wants to stress the importance of tripartite cooperation between Korea, the U.S. and Japan and send a warning message to North Korea. The U.S.' highest-ranking military officer last visited Korea in 2021. Milley will arrive here from Japan right after joint South Korea-U.S. exercises dubbed Freedom Shield on March 13-23. He is expected to review the drills with Defense Minister Lee Jong-sup and his Korean counterpart Gen. Kim Seung-kyum.
Korea's Forex Reserves Shrink Due to Strong Dollar
Korea's foreign currency reserves shrank by US$4.7 billion last month as the value of currency holdings other than the strong dollar dwindled. The Bank of Korea said on Monday that the country's foreign currency reserves totaled $425.3 billion in dollar terms at the end of February, compared to $430 billion a month before. Forex reserves had been rising since November but shifted to a decline last month.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon to make a state visit to the United States on April 26: White House
Korean President Yoon Suk Yeol will make a state visit to the United States in late April for a summit with U.S. President Joe Biden, announced the White House and presidential office. Biden and U.S. first lady Jill Biden will host Yoon and first Lady Kim Keon Hee for a state visit, which will include a state dinner, on April 26, according to White House Press Secretary Karine Jean-Pierre in a statement Tuesday. "The upcoming visit celebrates the 70th anniversary of the U.S.-ROK alliance, which is critical to advancing peace, stability, and prosperity for our two countries, the Indo-Pacific, and around the world," said Jean-Pierre, referring to the acronym for for Korea's official name, the Republic of Korea.
Shooting down our ICBMs would be an act of war: North
The sister of North Korea’s leader said that any move by the United States to intercept the regime’s missiles would be considered “a declaration of war,” Pyongyang’s state media reported Tuesday. The statement by Kim Yo-jong referred to a South Korean media report that said the United States plans to shoot down Pyongyang’s intercontinental ballistic missiles (ICBM) if they are launched into the Pacific Ocean. While the North has previously launched missiles over Japan — most recently in October last year — the regime typically fires them on lofted trajectories so they avoid neighboring countries.
Yoon Suk Yeol hosts luncheon to honor Turkey relief workers
President Yoon Suk Yeol hosted a luncheon Tuesday to express gratitude to all the members of Korea's relief team who helped search and recovery efforts in Turkey last month. "The spirit of solidarity shown by relief workers on site in Turkey reminded us again that Korea and Turkey are true friends," Yoon said to the rescue workers and officials at the event hosted at the Blue House's Yeongbingwan state guest house in central Seoul.
The Dong-A Ilbo (http://english.donga.com/)
Over half of large companies set or plan to freeze hiring in H1
A survey found that over half of the large companies in South Korea have either decided not to hire new employees or have yet to decide between hiring in the first half of this year. The proportion of companies that do not have a hiring plan for the year's first half has doubled from the previous survey, raising concerns about a frozen job market. According to a survey on the hiring plan for the first half of the year conducted by the Federation of Korean Industries, 54.8% of the 500 companies with the largest volumes of sales said they have yet to set a new hiring plan or will not hire any employees in the first half of this year.
Gov’t plans to add flexibility to workweek system
The government announced on Monday that it would be overhauling the 52-hour workweek system. Instead of managing work hours weekly, which had been in place for 70 years, the government will introduce monthly, quarterly, bi-annual, and annual working allowances to promote flexibility. Employees working overtime or on holidays will be able to convert those extra work hours to vacation time. Such change requires law amendment, however, and with opposition parties, including the Democratic Party and Justice Party, against the change, it is unclear whether the new law can be passed.
B-52H bomber capable of nuclear armament deployed to S. Korea
The U.S.’ B-52H bomber flew to the Korean Peninsula on Monday and conducted joint air drills with South Korean Air Force’s fighter planes. It has been three months since the last mobilization of B-52H capable of nuclear armament to the peninsula. On Friday, the unmanned aerial vehicle MQ-9 Reaper, known as the ‘assassin in the sky,’ and the B-1B strategic bomber, also called the ‘swan of death,’ were simultaneously deployed. Showing off such extended deterrence against North Korea, which is equivalent to the ongoing deployment of the U.S. strategic assets, is deemed as an increased level of warning against the North Korean leadership that threatened provocations in response to the Freedom Shield joint drills beginning on Monday.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
South Korea’s GNI per capita falls 7.7% last year on weak local currency
South Korea’s gross national income (GNI) per capita fell 7.7 percent last year on the back of the local currency’s depreciation against the U.S. dollar. The country’s per capita was $32,661 in 2022, according to a preliminary data from the Bank of Korea Tuesday. Based on the local currency, the figure was 42.2 million won, up 4.3 percent from a year earlier. “Last year, the won/dollar exchange rate increased at an annual average of 12.9 percent, causing nominal gross domestic product to decline 8.1 percent, which results in the decrease in nominal GNI per capita in dollar term,”
Kakao counterattacks with higher tender offer for control of SM Entertainment
South Korean tech giant Kakao Corp. Tuesday announced a tender offer for SM Entertainment Co. shares amid an intensifying proxy contest waged by Hybe Co. over management control of label behind K-pop big names like NCT and EXO. Kakao and its entertainment unit Kakao Entertainment Corp. offered 150,000 won ($115) per share to acquire a 35 percent share in SM Entertainment by March 26. The transaction will cost some 1.24 trillion won. Kakao and Kakao Entertainment will share the burden.
Korea imports of Japanese beer in January jump to highest in more than 3 years
Imports of beer from Japan jumped to the highest level in more than three years in January as relations between South Korea and Japan has been on the mend after the two countries were at odds over a Korea court ruling on forced labor compensation. Beer imports from Japan in January totaled $2 million, soaring 314.9 percent from the previous month, according to data from Korea Customs Service on Tuesday. The figure was the highest since July 2019, when Tokyo tightened control of key chemicals used in chips and display production bound for Korea.
HanKyoReh Shinmun (http://english.hani.co.kr)
New government plan opens up possibility of 80.5-hour work week in Korea
The South Korean government has unveiled a plan to make working hours more flexible by raising the cap from the current level of 52 hours a week to a maximum of 80.5 hours a week. That’s part of a plan to update regulations on working hours that was approved by the heads of the Ministry of Employment and Labor and other related ministries in an emergency meeting in Seoul on Monday. “These reforms are aimed at guaranteeing the right to choice, the right to health and the right to rest.
Yoon’s “solution” to forced labor issue is historically regressive
The South Korean government has announced what it’s calling a “solution” to the issue of forced labor mobilization during the Japanese occupation, in which South Korean companies are to cover the costs of compensation to the victims. Absent from the plan is any involvement in compensation or apology from the Japanese companies responsible. The Japanese Foreign Ministry made no mention of any apology or reflection either, its only response being a frosty reference to “carrying on the content of past statements.”
How voluntary will contributions of Korean firms be under new plan for compensating forced labor victims?
After the government announced plans to create a compensation fund for victims of Japanese colonial era forced mobilization using “voluntary donations” from domestic companies, relevant firms were simply expected to go with the plan. However, with the plan being unilaterally announced without prior coordination with the companies, local firms report feeling begrudged to take part in the compensation. According to financial circles on Monday, companies that received economic cooperation funds from Japan following the signing of the 1965 claims settlement agreement between South Korea and Japan are being mentioned as potential targets to take part in this new fund.
The KyungHyangShinmun (http://english.khan.co.kr/)
Japan Refuses to Budge on Its Perception of History and Inherits the Position of Previous Cabinets
The South Korean government announced its final plan to compensate the victims who were drafted and forced into labor by Japan. Despite opposition from the public, the government decided to provide compensation with funds from a third party, but it was not enough to bring about any sincere response from Japan. After the South Korean government’s announcement, the Japanese government announced that it would inherit the position of previous cabinets without any new apologies for the forced draft.
Government to Expand Units for Managing Extended Work Hours from a Weekly Basis to Quarterly, Half-Yearly and Yearly Bases
The government will expand units for managing extended work hours to include six-month and one-year units. It will also extend the period allowed for the flexible work system to three months and introduce a work hour savings account system. On March 6, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho presided over an emergency ministerial meeting on the economy at the government office in Seoul and announced these decisions. Deputy Prime Minister Choo announced, “We will increase the unit for managing extended work hours, which is currently restricted to a weekly basis, to monthly, quarterly, half-yearly and yearly bases and offer more choices to industrial worksites.”
Office of the President Staff Asked PPP Member to “Spread” Content Promoting Kim Gi-hyeon
An official under the senior secretary for civil and social agenda in the Office of the President asked a People Power Party (PPP) member to share and spread content supporting Kim Gi-hyeon, a candidate for PPP leader, in KakaoTalk group chatrooms. The latest news of a presidential staff engaging in activities that directly support a particular candidate is expected to trigger a heated debate over any irregularities concerning the Office of the President’s alleged intervention in the party convention.
KBS(http://world.kbs.co.kr/service)
Presidential Office: Yoon to Make State Visit to US in Late April
South Korean President Yoon Suk Yeol will make a state visit to the United States next month. The presidential office in Seoul on Tuesday night announced Yoon's planned state visit to the U.S. in late April. Yoon's trip will mark the first state visit to the U.S. by a South Korean president in 12 years. Earlier in the day, the Washington Post reported that U.S. President Joe Biden would host President Yoon for a state visit scheduled for April 26, marking only the second such visit of Biden’s presidency as his administration works to deal with North Korea and build alliances in the Indo-Pacific to contain the expansion of China.
White House: US, S. Korea Nat’l Security Advisors Discuss State Visit
The White House said that the national security advisers of South Korea and the U.S. held a meeting to discuss an upcoming summit between their leaders. In a press release on Tuesday, the White House said South Korean National Security Advisor Kim Sung-han met with his U.S. counterpart, Jake Sullivan, in the U.S. earlier in the day. The statement said the two discussed preparations for the upcoming state visit to the U.S. by President Yoon Suk Yeol and First Lady Kim Keon-hee on April 26 to celebrate the 70th anniversary of the U.S.-South Korea alliance and deepen the allies' political, economic, security, and people-to-people ties.
Japanese FM Expects Seoul to Carry out Forced Labor Solution Faithfully
Japanese foreign minister Yoshimasa Hayashi said that he expects South Korea will faithfully implement its plan to settle the issue of compensation for victims of Japan's wartime forced labor. The minister made the remarks during a press conference on Tuesday, a day after South Korea announced that the country would compensate the victims through an existing public foundation funded by domestic firms instead of direct payment from liable Japanese companies.
Yonhap (http://english.yonhapnews.co.kr)
Biden, Yoon to hold bilateral summit in Washington next month: White House
South Korean President Yoon Suk Yeol will visit the United States next month for a summit with President Joe Biden, the White House said Tuesday. "President Joe Biden and First Lady Jill Biden will host President Yoon Suk Yeol and First Lady Kim Keon Hee of the Republic of Korea (ROK) for a State Visit to the United States, which will include a state dinner, on April 26, 2023," White House press secretary Karine Jean-Pierre said in a released statement, referring to South Korea by its official name.
Yoon pledges to boost defense cooperation with Saudi Arabia
President Yoon Suk Yeol met with Saudi Defense Minister Khalid bin Salman, and discussed ways to strengthen arms industry and defense cooperation between the two countries, his office said Tuesday. During the meeting at the presidential office in Seoul, Yoon called on the two countries to boost cooperation for peace as economic and security partners, presidential spokesperson Lee Do-woon said in a written briefing. "As very important partners in economy and security, let's strengthen cooperation for peace on the Korean Peninsula, the Middle East and the world," Yoon said.
Ruling party set to hold national convention to pick new leader
The ruling People Power Party (PPP) was set to hold a national convention Wednesday to pick a new leader to head the party through next year's general elections and help move President Yoon Suk Yeol's agenda forward. Yoon plans to attend the convention expected to draw as many as 10,000 party members, an indication of his keen interest in the race. It will mark the first time for the president to attend a national convention of the ruling party since former President Park Geun-hye did so in 2016.
The Korea Herald (http://www.koreaherald.com)
Yoon, Biden to hold state dinner on April 26
President Yoon Suk Yeol is scheduled to pay a state visit to the US at the end of April at the invitation of US President Joe Biden, officials said on Tuesday night. President Yoon's state visit to the US will be made this year to mark the historic year of the 70th anniversary of the alliance of the two nations and it will be the first state visit to the US by a South Korea leader in 12 years since 2011 and the second since the launch of the Biden administration, according to a written statement released by Yoon’s senior press secretary Kim Eun-hye at 11:40 p.m.
Yoon to set off on back-to-back Japan, US tours
President Yoon Suk Yeol is set to meet with his Japanese and US counterparts as early as next week and next month, respectively, as the South Korean leader seeks stronger three-way ties he says are required to counter global challenges, the biggest of which involves containing North Korea. For a summit with Japan, Yoon’s office has yet to reveal the exact date, saying it was “closely looking at options.” Japanese news agency Kyodo News said the meeting will take place Thursday next week for two days, citing unnamed sources familiar with the matter.
N.Korea escalates war of words as S. Korea, US gear up for annual exercises
North Korea warned of “swift and overwhelming” military action and “physical conflict” on the Korean Peninsula by issuing two statements on Tuesday, marking the latest salvo in the country’s belligerent rhetoric that has escalated in the run-up to annual military exercises between South Korea and the United States. North Korea’s continuing war of words shows its intent to lay the foundation for taking likely high-profile military action during the upcoming “Freedom Shield” exercise, Seoul-based experts said.
The Korea Times (http://www.koreatimes.co.kr)
Biden, Yoon to hold summit in Washington in April: White House
Korean President Yoon Suk Yeol will visit the United States next month for a summit with President Joe Biden, the White House said Tuesday. "President Joe Biden and First Lady Jill Biden will host President Yoon Suk Yeol and First Lady Kim Keon Hee of the Republic of Korea (ROK) for a State Visit to the United States, which will include a state dinner, on April 26, 2023," White House press secretary Karine Jean-Pierre said in a released statement, referring to South Korea by its official name.
Resolution on historical dispute between Seoul, Tokyo to strengthen 3-way bloc with US
South Korea's resolution on compensating victims of Japan's wartime forced labor is raising hopes of a rosy outlook on trilateral security cooperation between Seoul, Tokyo and Washington. Experts say the diplomatic fray between South Korea and Japan has been the "weak link" in trilateral security cooperation and the resolution will play a pivotal role in improving Seoul-Tokyo relations. This, at the same time, is also expected to help South Korea send a signal to the world that it is siding with the United States, without ruffling China's feathers.
Yoon pledges to boost defense cooperation with Saudi Arabia
President Yoon Suk Yeol met with Saudi Defense Minister Khalid bin Salman, and discussed ways to strengthen arms industry and defense cooperation between the two countries, his office said Tuesday. During the meeting at the presidential office in Seoul, Yoon called on the two countries to boost cooperation for peace as economic and security partners, presidential spokesperson Lee Do-woon said in a written briefing. "As very important partners in economy and security, let's strengthen cooperation for peace on the Korean Peninsula, the Middle East and the world," Yoon said.
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